An investor monitors a screen displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014. The spectacular rise and fall of Arabtec, Dubai's most heavily traded stock, teaches hard lessons about how risky the region remains for investors even as its rapid economic growth lures billions of dollars in fresh funds from abroad. Wild trading by local retail investors who dominate activity, plus weak corporate disclosure and a hands-off approach by regulators, can make a toxic mix, and on occasion destabilise entire markets.  REUTERS/Stringer  (UNITED ARAB EMIRATES - Tags: BUSINESS) - GM1EA6P1SB001
Abu Dhabi Securities Exchange-listed Waha Capital reported a 38.5% increase in its second-quarter net income. Reuters

Waha Capital Q2 profit surges 38.5% on investments and assets management businesses



Waha Capital, which counts Mubadala Investment Company among its shareholders, reported a 38.5 per cent year-on-year rise in the second-quarter net profit, boosted by higher income from its private investments and asset management businesses.

Net profit for the three months to the end of June climbed to Dh132.4 million, the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded. Total income for the period rose 7.7 per cent to Dh306.5m as profit from private investments advanced 77.4 per cent to Dh162m, while asset management income grew by 53 per cent year-on-year to Dh26.7m.

Waha's profit for the first six months of the year also surged 31 per cent to Dh239.7m, largely driven by the company's successful exit of NPS Holdings in June. The company's balance sheet remains robust with a strong level of cash realisation and consistent performance from a number of business segments, Waha said.

“We have a good balance between our private investments and asset management businesses and good visibility on cash flows,” Michael Raynes, chief executive of Waha Capital, said. “To manage risk, we have increased liquidity across our investments. We now benefit from diversified exposure to listed securities, through our asset management funds and listed investments, including AerCap and NESR,” he said.

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The company, which is 15 per cent owned by Mubadala, in June this year acquired a 5.8 per cent stake in National Energy Services Reunited Corporation as part of its exit from NPS Holdings. The formation of NESR, the only Nasdaq-listed national oilfield services company in the Middle East and North African region, as an operating entity was completed in June with the 100 per cent acquisition of NPS Holdings and Gulf Energy company for a total consideration of about $888m (Dh3.26 billion).

Waha said its operating cash flow for the first half of 2018 came in at Dh679m, reflecting cash generation from activities on AerCap and NPS in which it had held 20.62 per cent stake. Its total income for the period grew by 12.3 per cent year-on-year to Dh618.7m, with return on average equity reaching 7.2 per cent.

The company's total assets climbed 1.8 per cent to Dh11.5bn from the end of last year, it said.

"In recent years, we have increased the proportion of liquid assets in our investment portfolio and enhanced the company's ability to generate healthy cash flows," said Salem Al Noaimi, chairman of Waha Capital.

“Waha Capital is well positioned to make additional direct investments, focusing on sectors where we have built significant expertise. The company is also taking our attractive offering to third-party investors, both for direct co-investment opportunities and for our award-winning asset management business,” he said.

FORSPOKEN

Developer: Luminous Productions
Publisher: Square Enix
Console: PC, PS5
Release date: January

Company of Heroes 3

Developer: Relic Entertainment
Publisher: SEGA
Console: PC, PS5, XSX
Release date: February

Star Wars Jedi: Survivor

Developer: Respawn Entertainment
Publisher: Electronic Arts
Console: PC, PS5, XSX
Release date: March

Suicide Squad: Kill the Justice League

Developer: Rocksteady Studios
Publisher: Warner Bros
Console: PC, PS5, XSX
Release date: May

Final Fantasy XVI

Developer: Square Enix
Publisher: Square Enix
Console: PS5
Release date: June

Street Fighter 6

Developer: Capcom
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Console: PS5, XSX, PC
Release date: June

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Developer: Blizzard Entertainment
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Console: PC, PS5, XSX
Release date: June

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Publisher: Larian Studios
Console: PC
Release date: August

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Publisher: Nintendo
Console: Nintendo Switch
Release date: September

Marvel's Spider-Man 2

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Publisher: PlayStation
Console: PS5
Release date: Fall

Assassin's Creed Mirage

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Publisher: Ubisoft
Console: PC, PS5, XSX, Amazon Luna
Release date: 2023

Starfield

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Publisher: Bethesda Softworks
Console: PC, Xbox
Release date: 2023

The Secret Kingdom

Director: Matt Drummond

Stars: Alyla Browne, Alice Parkinson, Sam Everingham

Rating: 3/5

Our legal advisor

Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.

Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation. 

Education: Sagesse University, Beirut, Lebanon, in 2005.

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Everton v Tottenham, Sunday, 8.30pm (UAE)

Match is live on BeIN Sports

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Diet
7am - Protein shake with oats and fruits
10am - 5-6 egg whites
1pm - White rice or chapati (Indian bread) with chicken
4pm - Dry fruits
7.30pm - Pre workout meal – grilled fish or chicken with veggies and fruits
8.30pm to midnight workout
12.30am – Protein shake
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Saidu’s weight: 110 kg
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COMPANY PROFILE

Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others

Company Profile

Company: Astra Tech
Started: March 2022
Based: Dubai
Founder: Abdallah Abu Sheikh
Industry: technology investment and development
Funding size: $500m

Dengue fever symptoms

High fever (40°C/104°F)
Severe headache
Pain behind the eyes
Muscle and joint pains
Nausea
Vomiting
Swollen glands
Rash

MEDIEVIL (1998)

Developer: SCE Studio Cambridge
Publisher: Sony Computer Entertainment
Console: PlayStation, PlayStation 4 and 5
Rating: 3.5/5

Is it worth it? We put cheesecake frap to the test.

The verdict from the nutritionists is damning. But does a cheesecake frappuccino taste good enough to merit the indulgence?

My advice is to only go there if you have unusually sweet tooth. I like my puddings, but this was a bit much even for me. The first hit is a winner, but it's downhill, slowly, from there. Each sip is a little less satisfying than the last, and maybe it was just all that sugar, but it isn't long before the rush is replaced by a creeping remorse. And half of the thing is still left.

The caramel version is far superior to the blueberry, too. If someone put a full caramel cheesecake through a liquidiser and scooped out the contents, it would probably taste something like this. Blueberry, on the other hand, has more of an artificial taste. It's like someone has tried to invent this drink in a lab, and while early results were promising, they're still in the testing phase. It isn't terrible, but something isn't quite right either.

So if you want an experience, go for a small, and opt for the caramel. But if you want a cheesecake, it's probably more satisfying, and not quite as unhealthy, to just order the real thing.

 

 

The Iron Claw

Director: Sean Durkin 

Starring: Zac Efron, Jeremy Allen White, Harris Dickinson, Maura Tierney, Holt McCallany, Lily James

Rating: 4/5

Signs of heat stroke
  • The loss of sodium chloride in our sweat can lead to confusion and an altered mental status and slurred speech
  • Body temperature above 39°C
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  • A faster pulse than usual
  • Dizziness, nausea and headaches are also signs of overheating
  • In extreme cases, victims can lose consciousness and require immediate medical attention
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Director: Nag Ashwin

Starring: Prabhas, Saswata Chatterjee, Deepika Padukone, Amitabh Bachchan, Shobhana

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COMPANY PROFILE

Name: Grubtech

Founders: Mohamed Al Fayed and Mohammed Hammedi

Launched: October 2019

Employees: 50

Financing stage: Seed round (raised $2 million)

 

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Common OCD symptoms and how they manifest

Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.

Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.

Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.

Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.

Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.

Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia


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